Markets Daily - May 14, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian benchmark indices wiped out all the previous session gains with Nifty ended below 9150 level on May 14 due to unenthusiastic response to the relief package announcements made on Wednesday and amid weak global cues. Nifty closed down 240.80 points or 2.57% at 9142.75. Capital Goods and Media stocks were up while IT, Metals, Financials, and Telecom shares were down.

All eyes are now on the balance two announcements by FM over Thursday and Friday.

Asian shares declined Thursday in reaction to a gloomy assessment about the struggles facing the global economy due to the coronavirus pandemic.

World stock markets fell for a third day running on Thursday after a sobering warning from the World Health Organization that the coronavirus may never go away.

As per the data released by the Commerce and Industry Ministry, wholesale price index (WPI) deflation in primary articles was 0.79 per cent in April, as against an inflation of 3.72 per cent in March.

Technically, Nifty has fallen with a downgap and closed near its intraday low. The trend continues to be down. On upmoves it could face resistance at 9236, while 9044 could offer support to the Nifty on downmoves.

Source : Equity Bulls

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